BlackRock discloses $11M investment in medical marijuana firm Curaleaf

BlackRock, one of the world’s largest money managers, disclosed in regulatory filings that its funds have an $11 million stake in Curaleaf Holdings, a Massachusetts-based medical cannabis company.

While the investment is tiny for BlackRock, which has nearly $6 trillion of assets under management, the stake is one of the first publicly disclosed investments by a major institutional investor into U.S. cannabis.

“Most institutional investors and banks have stayed on the sidelines for investing in cannabis businesses that touch the plant,” John Brecker, a partner at New York-based cannabis venture fund Altitude Investment Management, told Bloomberg.

The BlackRock investment makes it the largest institutional investor in Curaleaf, according to Bloomberg.

In filings with the U.S. Securities and Exchange Commission, five BlackRock funds reported holding Curaleaf stock, Bloomberg reported, topped by BlackRock Resources & Commodities Strategy Trust, which has about 1.1 million shares.

Curaleaf announced plans Wednesday to sell hemp products in 800 CVS drug stores in 10 states.

BlackRock trades on the New York Stock Exchange under the ticker symbol BLK.

4 comments on “BlackRock discloses $11M investment in medical marijuana firm Curaleaf
    • The Mad Yooper on

      Who authored this?
      Can it be verified?
      If BLK wanted to get in this space why didn’t they buy Curaleaf, and CVS for that matter?

      Reply
  1. Ak on

    Why are there so many down rated articles on weed stocks. It seems like every day some analyst has something bad to say. These analysis need to leave these weed companies alone and put more stress on Trump signing a federal bill for marijuana like he promised. But please give these companies some breathing room.

    Reply
  2. Cody Price on

    CannaWyz sees this as a major step forward for Institutional investors to have more confidence in not being targeted by Federal Regulators. This is a huge milestone which should open up institutional investing in the multi billion dollar THC and multi trillion dollar CBD market.

    Reply

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